President Gloria Macapagal-Arroyo has pledged to make education a priority for the remaining three years of her presidency by investing in human capital. She unveiled her initiative, which was a preview from her July 23 State of the Nation Address (SONA), before the League of Corporate Foundations, an association of over 80 grant-making corporate foundations and companies. The organisation is working…
The government's budget deficit stands at $893m in the first six months of 2007, exceeding the programmed ceiling by $211m. Global ratings agency Fitch projects that, excluding government assets sales, the deficit could hit $2.7bn, 1.9% of GDP, by the end of the year - well over the 2007 target of $1.3bn, 0.9% of GDP. Fitch assigned much of the blame to inefficiencies in tax collection. Only Costa…
Major investments from two regional companies have created a shipbuilding boom in the Philippines and have resulted in the creation of hundreds of new jobs, with more to come. Tsuneishi Heavy Industries Cebu Incorporated (THICI), a joint venture between locally based Aboitiz & Company and Japanese shipbuilder Tsuneishi Group, recently announced plans to expand its operations at the West Cebu Industrial…
Two major investment projects are underway to attract visitors to the Philippines. A massive aquarium and adjoining commercial establishments are being built on the edge of Manila Bay and a Las Vegas-style gaming and entertainment complex is set to rise on the reclamation area along the bay. Manila Ocean Park, to be located behind the Quirino Grandstand in Luneta Park (also known as Rizal Park), will…
The Philippines' robust economy continues to perform well achieving a GDP growth of 6.6% in the third quarter of this year. Acting secretary of socioeconomic planning, Augustos Santos, said the growth was based on the performance of the agriculture, industry and services sectors with domestic demand as well as government policy and programme intervention acting as the catalysts. "It is very welcome…
There is a general sense of achievement in the Philippines after it has surpassed a challenging 2007, coming out with stronger industries and a more vibrant economy. Despite the opposition's attempts to destabilise the government of President Gloria Macapagal-Arroyo, the threatening effects of the US sub-prime mortgage crisis, increasing global oil prices and uncooperative weather, the country is making…
From June 29, Filipino mobile users will have an additional phone to choose from in the fast-growing smart phone category: electronics giant Apple's iPhone 3G. While few details of the deal have been announced, Apple is revising its strategy of long-term contracts in what could be a trial run for entry into low-income markets such as China. iPhone Customers will have the choice of taking up a pre-pay…
While the Philippines has not been immune to the effects of the global financial crisis and economic slowdown, it managed to avoid slipping into recession and maintained steady growth in 2008, which was driven in part by the strong performance of many sectors in the first half of the year. High energy prices in the year up to July and the weakening of many of the Philippines' main export markets…
The Philippines banking sector is staying strong despite the uncertain global economic outlook. While profits are likely to fall as a result of the volatile global economic environment, the fundamentals underpinning the sector remain sound and will ensure continued growth. Consolidation is also expected to carry on throughout 2009, with a number of key mergers, along with the implementation of further…
The Filipino economy is fortunate to post flat year-on-year growth this year as the worldwide economic turmoil comes into full swing. Most analysts point to a decline in exports and overseas foreign workers (OFW) remittances as posing the largest threats to the sustainability of the economy in 2009. As developed economies around the world slipped into recession during 2008, the Filipino economy fell…
